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Annuities allow you to exchange your pension savings for a regular income throughout your life, or for a certain pre-agreed period of time. They are one of the most popular ways to provide financial security during retirement. There are various types of annuities out there – fixed conventional annuities, lifetime annuities, joint life annuities, variable annuities like escalating annuities, or investment linked annuities. Annuity specialists and independent financial advisors can help you understand the different types of annuities and make an informed choice.

There are different kinds of financial advisors, those who specialise only in a certain product, and independent financial advisors who specialise in an entire sector – for instance financial planning for retirement. Annuity specialists or advisors with expertise only in the annuity market are able to offer advice only on annuities, obviously. They can help you identify your needs and choose the best annuity product available in the market.

As opposed to annuity specialists with expertise only in annuities, independent financial advisors can offer help and guidance on an array of investment and insurance products like annuities, equity release products, lifetime mortgages, etc.

As such, independent financial advisors are generally equipped to offer advice about the entire spectrum of equity based financial planning. Annuities are one of the many solutions for financial planning during retirement, and may not necessarily suit everyone. Speaking to an independent advisor therefore helps you identify the best option from a range of investment products – not necessarily just annuities.

At the same time, independent financial advisors too can offer detailed advice only about annuities, just like annuity specialists can. There are different types of annuities, and choosing the right annuities involves understanding your own needs, understanding the different types of annuities, and making an informed choice to suit your circumstances. An independent financial advisor can help you make this decision by guiding you through all the steps of the process.

Choosing an annuity is one of the most significant and important decisions of your life. An annuity once purchased cannot be cancelled or reversed, and it has an impact on your financial security for the rest of your life. It is therefore important to give the decision making process the effort and time that is due. Annuity specialists and independent financial advisors can offer impartial and objective advice that is not biased towards any particular provider, but towards your own circumstances and needs.

For those interested in using their pension saving funds to invest in an annuity, the annuity market has several different options – both in terms of products as well as providers. An annuity once purchased cannot be reversed, so it is strongly recommended that you shop around and explore the open market before making a decision. There are a number of resources and tools available today to help people understand the annuity market. Many people also consult Annuity Advisers for guidance and advice.

Independent financial advisers and financial experts can offer impartial guidance and help you understand different options that may be available to you. They could help you understand your own financial needs, particularly future needs, and help you make the right decision that can serve you well over the long term.

In general, annuity advisors and independent financial advisors tend to err on the side of caution and suggest options that are safer rather than riskier alternatives. This is because of two main reasons.

The first reason is that annuity advisors and financial advisors have been trained to be cautious and to play it safe when it comes to their clients. After all, it is their job to help people make sound financial decisions that can pay off in the long term. It is not their job to help their clients take unnecessary risks and gamble their long term financial security on potentially unsafe investments.

The second reason is also related to this. The fact is that financial advice is a tricky area. The position of annuity advisors and independent financial advisors is one of great responsibility. Giving the wrong advice or advising a client to take an unnecessary risk without fully explaining the consequences is akin to professional suicide on the part of the advisor.

The fact is that they have to be cautious and this is because the wrong advice could result in them getting sued. If a client feels that they have received wrong advice from their annuity advisors or independent financial advisors, and have suffered damages as a result of this advice, they can in fact sue the individual advisor or their company.